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AIG said in a statement the name change will "advance the organization toward its goal of operating independence." Simply put, the change to Chartis, which means "map" in Greek, is intended to distance the unit from the problems of parent company AIG. The rebranding coincides with the appointment of The name-change strategy is nothing new. The world's largest tobacco company Philip Morris Cos. changed its name to Altria Group Inc. (NYSE:MO) in 2003 "to better reflect the offerings of the company." But the reality is Altria wanted to disassociate itself from the negative connotations associated with cigarettes. Along the same lines, trying to distance itself from negative publicity in connection with its participation in an accounting scandal in 2001, Andersen Consulting changed its name to Accenture Ltd. (NYSE:ACN). So the New York insurance company sits in good company with other corporates that have tried to shed their dark image. For the property-casualty business formerly known as AIU Holdings LLC, the new name Chartis won't instantly end people's memories of its association with AIG -- only time will fade its connection. - Gerald Magpily
CategoriesComments
From: DG,
Agreed--Andersen Consulting was mandated in arbitration to ditch the 'Andersen' name after a dispute with the parent company before the Enron scandal.
Posted on:
July 28, 2009 3:56 PM
From: Rich,
I would expect better research from any serious business publication. Andersen Consulting changed its name to Accenture well before Arthur Andersen was mired in the Enron controversy that eventually destroyed the company.
Posted on:
July 28, 2009 4:55 PM
From: MB,
Please do your research next time. Accenture > Arthur Andersen at the time of Enron bomb.
Posted on:
August 3, 2009 1:39 PM
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American International Group Inc. (NYSE:AIG) is eager to sell all or part its property-casualty business so much so that its changing the name of the unit to Chartis. 
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Andersen Consulting changed its name to Accenture before any problems with Arthur Andersen had surfaced to sully that name. In fact, the price tag for changing names was a sore point with the Andersen Consulting partners until the Enron incident blew AA up.